APR will they ever change it?

noddynoo

My dp applied to Northern Rock for an unsecured loan of 14k over 10 years.We have had 4 mortgages with them and had a loan which we repaid in full in April when we moved.The loan rate and monthly payment figure online was at 6% and was about £150month.But now they have approved him for the loan at 10.5% with monthly payment of 188.He has no other credit no history of any late payments etc and we have a lot of equity in our home.I have replied to them online today saying the rate is too high and am wondering if it is because we have only been in our house 4 months.Do you think they may reconsider?We want to use it to pay off 2 credit cards which we used for home improvements We plan to cut the cards up and close the accounts afterwards

SAP_Saver

They may reconsider - best thing to do is call/write to them! NR are normally quite accomodating as far as I know!

noddynoo

Thanks we had a loan with them before and the apr was much lower and we are in a better financial position now so not sure how they calculated it!